CorpBank Homes posts impressive results

Mangalore: Corpbank Homes Ltd, a wholly owned subsidiary of Corporation Bank, has doubled its net profit for the financial year ended 31 March 2002. The net profit after tax increased to Rs 3.38 crore against Rs 1.66 crore for the previous year - registering a growth rate of 103.61 per cent. According to a press release issued here, the board of directors of the company, at its meeting held on 11 April 2002, took on record the audited results of the company for the just-concluded financial year.

Cumulative sanctions stood at Rs 206.58 crore and cumulative disbursements at Rs 188.40 crore. The company also sanctioned a total of Rs 104.58 crore during the fiscal and disbursements during the period stood at Rs 97.1 crore. Sanctions and disbursements were higher by 93.88 per cent and 79.22 per cent, respectively.

Outstanding loans as on 31 March 2002 stood at Rs 161.13 crore compared to Rs 82.54 crore last year - thereby growing at a rate of 95.21 per cent. The gross revenue rose to Rs 17.22 crore (Rs 8.4 crore), registering a growth rate of 105 per cent on a year-to-year basis. It received an additional capital contribution of Rs 5 crore from its sponsor, Corporation Bank. The net worth of the company stood at Rs 19.94 crore.